According to Precedence Research, the medical device contract manufacturing market size is projected to hit US$ 97.52 billion by 2027 globally.
OTTAWA, Oct. 15, 2020 (GLOBE NEWSWIRE) -- The global medical device contract manufacturing market size was valued at USD 53.71 billion in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 11.4% from 2020 to 2027. Get more details@ https://www.precedenceresearch.com/medical-device-contract-manufacturing-market
Contract manufacturing allows an organization to exploit a specialist in one or more fields of design and production without needing significant capital investments. Design, engineering, component production, assembly or even full-service capabilities are among the choices that OEMs will find in the contract manufacturing partner. This helps the organization to stay focused on core competencies and strategic planning.
As medical devices OEMs are more likely to follow these standards, specialized companies familiar with the tight regulatory environment will continue to grow. Price, time on the market, project experience and cost controls are just a few of the many reasons OEMs choose a service partner.
Growth of medical device industry and appearance of industry 4.0 are the major factor expected to propel the growth of medical device contract manufacturing in near future. Furthermore, growing pressure on medical device OEMs to reduce production costs and delay in the launch of new products is expected to fuel the demand for medical device contract manufacturing market in years to come. However, consolidation in the market of medical equipment is predicted to limit the growth of global medical device contract manufacturing market in analysis period. Even so, aging population provides the plenty of opportunities for many products as orthopedic implants and instruments in near future.
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COVID -19 Impacts:-
Manufacturing outsourcing has drastically changed in recent years, with a surge of consolidation between OEMs and contract manufacturing organizations (CMOs) a shift that is particularly important now that companies are struggling to meet the urgent demand for life-saving ventilators required to support coronavirus victims.
Companies serving multiple industries have made medtech their priority. Quick-turn manufacturer Protolabs said that there was an influx of COVID-19-related medical components that needed urgent production, ranging from test kits to ventilator parts. Various firms have provided expressions of encouragement to clients and workers. Integer Holdings, one of the world's largest contract manufacturers of medical devices said that, patients and healthcare professionals now rely more than ever on the medtech industry.
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North America held the majority of revenue share in 2019. Aging population, growing health spending and numerous technological advancements are expected to fuel industry growth in over the next eight years.
China, India, and Brazil are the major regional players in Asia Pacific and Latin Americamedical device contract manufacturing market. The large patient base, growing health consciousness and expanding healthcare services have provided a favorable climate for the overall growth of healthcare markets. Quality labor pool and several cost-cutting as well as strategic business benefits is estimated to contribute the growth of medical device contract manufacturing market in Asia Pacific.
Key Players & Strategies
Consolidation of OEMs has led CMOs to pursue the broader market trend and also to develop capacity expansion and strategic alliances with their OEM customers. In addition, as OEMs reduce the number of suppliers and restructure their supply chain, smaller, less strategic contract manufacturers may be excluded from approved supplier lists.
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Some of the major players noticed and covered in the report are Flex, Ltd., Integer Holdings Corporation, Gerresheimer AG, Sanmina-SCI Corporation, Nipro Corporation, Celestica International Lp., Plexus Corp., Benchmark Electronics Inc., and West Pharmaceutical Services, Inc.
Other players functioning in the market arena are Nortech Systems Inc., Kimball Electronics, Inc., Nemera Development S.A., Consort Medical PLC, Jabil Inc., TE Connectivity., Viant Medical, Tessy Plastics Corp, Tecomet, Inc., SMC Ltd. and Phillips-Medisize Corporation amongst others.
By Device Type
By Regional Outlook
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